Jeroen Dijsselbloem, the Dutch finance minister and the head of the Eurogroup just said exactly the worst thing he could have possibly said. Instead of reassuring markets that Cyprus was unique in dipping into "sacred" deposits because of its oversized banking sector and traditional role as an offshore tax-haven, Dijsselbloem says that the Cyprus bank restructuring plan should be seen as a template for the rest of the Eurozone. As noted by Pawel Morski, a pseudonymous hedge fund manager, "2 groups in markets right now: people waiting for Dijsselbloom to get adult supervision and people selling everything."
Thanks for promoting contagion and Eurozone bank runs, Mr. Dijsselbloem. Wonder what Tuesday will bring?